Today’s Top News & Analysis
LNG exports to start again
EGP150bn expected from ACUD IPO
A regulatory amendment to pay taxes in FX if income is in FX
A UAE investor eyes Misr Life Insurance; TSFE prefers an IPO
NBE negotiates EBRD for a USD50mn loan
MACRO
LNG exports to start again
It is reported that an LNG vessel arrived at an Egyptian liquefaction plant suggesting that Egypt's LNG exports are about to start again. We note that Egypt's LNG exports was stopped since H1 2023. (Enterprise)
EGP150bn expected from ACUD IPO
The Administrative Capital for Urban Development (ACUD) expects the generation of EGP150bn from its planned IPO. The IPO is expected through Q2 2024, offering 5-10% of ACUD shares. ACUD's CEO added that the value of the company's assets may exceed EGP320mn. (Asharq Business)
A regulatory amendment to pay taxes in FX if income is in FX
Ministry of Finance introduced a regulation to the Unified Tax Law to make the services or products in FX to be taxed in FX as well. (Enterprise)
A UAE investor eyes Misr Life Insurance; TSFE prefers an IPO
Sources said that a UAE investor is interested in fully acquiring Misr Life Insurance a subsidiary of Misr Insurance Holding. However, The Sovereign Fund of Egypt (TSFE) prefers to list at least 25% of the company's shares in the EGX through H1 2024. (Al-Borsa)
NBE negotiates EBRD for a USD50mn loan
Reports said that the National Bank of Egypt (NBE) is in talks with the European Bank for Reconstruction and Development (EBRD) to borrow a USD50mn loan to finance its portfolio of SMEs. (Al-Mal)
MARKETS PERFORMANCE
Key Dates
26-Nov-23
EFID: EGM / Discussing capital reduction & amending Articles No. 3, 6 & 7 of the company's bylaws.
27-Nov-23
CIRA: Conference Call / Discussing FY22/23 financial results.
ETEL: EGM / Amending Article No. 5 of the company's bylaws.
EFID: Cash dividend / Deadline for eligibility for a dividend of EGP0.428/Share.
DOMT: Cash dividend / Deadline for eligibility for a dividend of EGP0.20/Share.
30-Nov-23
MICH: BoD meeting / Follow up on production, sales and exports.
DOMT: Cash dividend / Payment date for a dividend of EGP0.20/share.
EFID: Cash dividend / Payment date for a dividend of EGP0.428/share.
ZMID: Cash dividend / Payment date for a dividend of EGP0.10/share (2nd installment).
1-Dec-23
MSCI / MSCI's November 2023 Semi-Annual Index Review Effective Date.
3-Dec-23
MASR: OGM / Discussing netting contracts.
5-Dec-23
Egypt PMI / November 2023 reading.